A new Yorkshire timber merchant has snapped up a North West business in a £10m deal following the owner’s decision to retire.
Savoy Timber Ltd, a Lancashire-headquartered family business, has been trading for more than 70 years and has grown to become a £15m turnover timber merchant group with superstores in Preston, Blackpool and Wigan as well as an online store. Now the business has been acquired by Savoy Timber Holdings Ltd, a new company set up by Chris Powell of Estate Sawmills Ltd, a fast-growing Bradford-based timber merchant.
The deal follows the retirement of George Cornwell, managing director of Savoy Holdings, and the business, which has 82 staff and supplies a range of timber products including doors, decking and worktops, will continue to trade as Savoy Timber. The acquisition complements the operations of Estate Sawmills, based in Heaton, Bradford, which is led by Mr Powell and supplies timber, fencing, decking, agricultural products and gates to trade and DIY customers across the UK.
The transaction was in the region of £10m and was supported by a team of Yorkshire-based advisors. Hitesh Tailor, Nicola Cooper and Jonathan Simms of Clarion provided legal advice to the buyer, supported by colleague Julie Evans who provided property advice; and Gavin Lamb of Azets provided financial advice. The vendor was advised by Ormrods Solicitors. Banking was provided by NatWest with legal advice from Schofield Sweeney.
Mr Powell said: “After acquiring Estate Sawmills in 2020, we have seen rapid expansion and the acquisition of Savoy will enable us to continue our growth journey in this dynamic sector. Savoy is a long-established and well-known business that not only broadens our presence across the North, but its strong e-commerce platform also increases our market share throughout the UK as well as expanding our product offering. While Estate Sawmills has focused on external timber products, Savoy offers an extensive range covering all timber products, both inside and outside the house. This expanded product line will now also be available via Estate Sawmills.
“We have an ambitious vision and this latest acquisition marks another important milestone as we seek to press on with our expansion, having capitalised on the garden improvement boom post-Covid. We are now actively looking for a complementary timber business in the South to strengthen our national coverage.”
Original artice – https://business-live.co.uk/all-about/yorkshire-humber